IFR US ECM WEEKLY REVIEW
Weekly totals
Total* $7.3bn – IPOs $703m – ABBs/Blocks $1.9bn– Follow-ons $1.7bn– CBs $3bn – SPACs $1.4bn – International** $360m
*Excludes SPACs/International. **In US dollars.
Pricings
Monday
Alliant Energy (US, electric utility) ─ $500m 3y cvt priced at 3.25%, up 27.5% versus 3%-3.5% and 25%-30% marketing. GS, JPM, BARC.
Ameren (US, utility) ─ $521.7m ABB. 5.6m shares (Primary) priced at $94.00 versus $93.60-$95.00 marketing and $95.42 last sale. GS, JPM, BARC, WF. Wall cross. Structured as a forward sale.
OMS Energy Technologies (Singapore, oilfield services) ─ $33.3m IPO. 3.7m shares (Primary) at $9.00 versus $8-$10 marketing. ROTH. Nasdaq “OMSE”. Delayed from week of March 10 and May 7 & 8. Downsized from 5.6m shares.
Perimeter Acquisition (Cayman Islands, SPAC) ─ $210m IPO. 21m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. CITI. Nasdaq “PMTRU”. America’s Frontier Fund. Defense and national security. 24 months. 100% in trust. Double-upsized from $175m at launch and $150m at filing.
Pet Valu Holdings (Canada, pet stores) ─ C$150m ($107m) Bought deal. 5.2m shares (Secondary) at C$28.85 versus C$30.22 at launch. RBC, CIBC. Company is buying back another 2.1m shares from selling shareholder Roark Capital in a concurrent transaction.
Somnigroup International (US, home furnishings) ─ $953.4m Block. 15.4m shares (Secondary) at $62.00 versus $60.50-$61.00 marketing and $60.50 last sale. GS. Steenbeck Newco (former parent of Mattress Firm) is the selling shareholder. Priced pre-market open Monday.
Tuesday
Alaris Equity Partners (Canada, private equity) ─ C$75m ($54m) bought 5y cvt priced at 6.5%, up 35%. NBF, CIBC, DCM.
Antalpha Platform (Singapore, fintech) ─ $49.3m IPO. 3.9m shares (Primary) at $12.80 versus $11.00-$13.00 marketing. ROTH, COMP. Backed with $25m of demand from Tether International.
Churchill Capital X (US, SPAC) ─ $360m IPO. 36m units (Primary) at $10.00. Each unit comprises one share and one-fourth warrant. BTIG. Nasdaq “CCCXU”. Upsized from $300m. Michael Klein. Not defined. 24 months. 100% in trust.
eToro (Israel, online brokerage) ─ $620m IPO. 11.9m shares (Primary, Secondary) at $52.00 versus $46-$50 marketing. GS, JEFF, UBS, CITI. Nasdaq “ETOR”. Upsized from 10m shares. Blackrock indicated for $100m of the offering. 5% DSP. Founders Yoni and Ronen Assia are among the selling shareholders.
TXO Partners (US, energy E&P) ─ $175m ABB. 11.7m shares (Primary) at $15.00 versus $15.00-$16.00 marketing and $17.68 last sale. RJ, STFL. Indications of interest from chairman Bob Simpson and directors Keith Hutton and Lawrence Massaro. Wall cross.
Uber Technologies (US, transportation) ─ $1bn 3y exchangeable priced at fixed zero-percent coupon, up 16% versus 10%-15% marketing. BOFA. Security is exchangeable into shares of Aurora Innovation at $8.50 versus $7.32 reference closing share price.
Wednesday
Akamai Technologies (US, cybersecurity) ─ $1.5bn 8y, put-6 cvt priced at 0.25%, up 20% versus 0%-0.5% and 20%-25% marketing. CITI, JPM, MS, BOFA, GS. Upsized from $1.35bn. Concurrent $300m stock buyback. Capped call.
Aura Biosciences (US, biotech) ─ $75m FO. 14.6m shares (Primary) at $4.90 versus $4.90 fixed price marketing and $4.90 last sale. LEER, EVER, LSCI. Structured as one share, one-quarter warrant. Launched and priced pre-market open Wednesday.
Klaviyo (US, software) ─ $372.9m FO. 11m shares (Secondary) at $34.00 versus $34.83 last sale and $37.50 at launch. GS, MS, CITI. CEO Andrew Bialecki is the selling shareholder.
Loar (US, aerospace & defense) ─ $750m FO. 9m shares (Secondary) at $83.41 versus $83.41 last sale and $93.14 at launch. JEFF, MS. Abrams Capital, Blackstone and GPV are the selling shareholders.
Renatus Tactical Acquisition I (US, SPAC) ─ $210m IPO. 21m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. CLRST. Nasdaq “RTACU”. Upsized from $175m. Global Client Advisory Group. Crypto. 24 months. 100.025% in trust.
Savers Value Village (US, thrift stores) ─ $138.8m FO. 15m shares (Secondary) at $9.25 versus $9.57 last sale and $11.30 at launch. JPM, JEFF, GS, UBS. Ares Management is the selling shareholder. Company bought back $20m of shares sold in the offering.
Thayer Ventures Acquisition II (US, SPAC) ─ $175m IPO. 17.5m units (Primary) at $10.00. Each unit comprises one share and one-tenth right. STFL. Nasdaq “TVAIU”. Thayer Ventures. Travel. 21 months. 100% in trust.
Waystar (US, healthcare software) ─ $484.4m FO. 12.5m shares (Secondary) at $38.75 versus $39.50 last sale and $40.30 at launch. JPM, GS, BARC. EQT, Bain and CPPIB are the selling shareholders.
Thursday
Columbus Circle Capital I (US, SPAC) ─ $220m IPO. 22m units (Primary) at $10.00. Each unit comprises one share and one-half warrant. COHEN, CLRST. Nasdaq “CCCMU”. Upsized from $200m. Gary Quin. Not defined. 24 months. 100% in trust.
Senseonics (US, medical devices) ─ $50m ABB. 100m (Primary) at $0.50 fixed price versus $0.55 last sale. TDC, BARC. Abbott Laboratories invested another $25m in a separate private placement at the public offering price.
TerraVest Industries (Canada, energy services) ─ C$279m ($200m) Bought deal. 1.74m shares (Primary) at C$160.30 versus C$165.27 last sale. NBF, CGEN, DESJ. Upsized from 1.5m shares.
V2X (US, aerospace & defense) ─ $97.8m Block. 2m shares (Secondary) at $48.88 versus $48.88-$49.95 marketing and $52.31 last sale. RBC. Vertex Aerospace is the selling shareholder.
Wen Acquisition (Cayman Islands, SPAC) ─ $261m IPO. 26.1m units (Primary) at $10.00. CANT. Nasdaq “WENNU”. Julian Sevillano. Fintech. 24 months. 100% in trust. Each unit comprises one share and one-half warrant.